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In 2022, due to the global economic slowdown, the Australian economy was also affected by the increasing inflation and hiked cost of living in 2022.It was forecasted to be around 6.4 per cent for the year 2022, but in real times, inflation enlarged above 7 per cent.The Reserve Bank of Australia (RBA) had tackled the inflation challenge by strategically revising its monetary and fiscal policies to hold the inflation pressure under its control.As a result, several reforms were implemented by the RBA Board to take a tough hand to control the inflation.In every month from May to December, the target rate was raised from a record low 0.1 per cent to 3.10 per cent.This article is an attempt taken by the authors to investigate the recovery mechanisms handled by the RBA in terms of monetary policy and fiscal policy reforms to take a tough hand at the increasing inflation.Thus, by the untiring steps taken by the RBA in terms of Interest Rate Adjustments, Quantitative Easing (QE), Targeted Spending, Infrastructure Investment and Tax Cuts, the inflation was brought under controlled and stabled state.
Soundarya et al. (Sat,) studied this question.